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A reservation price is the maximum willingness to pay for a good that most people buy one unit of, like cars or computers. Assume that
A reservation price is the maximum willingness to pay for a good that most people buy one unit of, like cars or computers. Assume that Kayla's reservation price for one widget is $30. Draw her demand function for widgets. What is her consumer surplus when the price of one widget is $12? (20 points)
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